Northmarq’s San Diego Debt + Equity team led by Conor Freeman and Aaron Beck arranged a $34-million refinance of Northwoods Apartments, a 324-unit garden-style multifamily community located at 1662 W. Arrow Hwy. in Upland. Northmarq arranged the permanent-fixed financing on behalf of the borrower through the firm’s relationship with Freddie Mac. The permanent fixed-rate loan is structured as a 10-year term, with full-term interest-only payments.
“Northwoods Apartments is an excellent example of a community that combines naturally occurring workforce housing with deed-restricted affordable units, helping meet the growing demand for attainable rental options in the Inland Empire,” said Freeman . “By utilizing Freddie Mac’s Targeted Affordable Housing program, we were able to deliver a long-term financing solution that helps preserve renter affordability while aligning with our client’s investment objectives.”
The property features one- and two-bedroom floorplans with amenities including central air conditioning, vinyl flooring and walk-in closets. The garden-style community also contains two swimming pools and four heat-steamed spas.
The conversations behind tomorrow’s apartment deals happen at Connect Apartments on September 22 in LA. Connect with the capital sources, owners, developers, and brokers driving multifamily investment. Learn more and reserve your seat at www.connectapts2026.com.
